Quarterly outlook and issuance calendar Q2 2018

The Quarterly outlook presents the latest developments concerning the Dutch economy, the government budget and funding of the State debt. It also includes the DSL and DTC issuance calendars for the second quarter, which are presented below.

In the second quarter, three tap auctions are planned for Dutch State Loans (DSLs). The quarter will start and end with the reopening of the DSL 15 January 2024 launched in 2017, on 10 April and again on 12 June. The 10-year benchmark DSL will be reopened once, on 8 May. Target amounts are shown in the table below.

DSL issuance calendar second quarter 2018

Auction date

Details

Target volume (€ bn)

10 April

Reopening DSL 0% 15 January 2024

1.5 – 2.5

8 May

Reopening DSL 0.75% 15 July 2028

1.5 – 2.5

12 June

Reopening DSL 0% 15 January 2024

1.5 – 2.5

Note: Announcement of all auction details is on the Wednesday prior to the auction date (t-6)

The second quarter has six auction dates for Dutch Treasury Certificates (DTCs). Due to (TARGET) holidays, two DTC auctions will be held on a Tuesday rather than the regular Monday. The DSTA uses the first auction date of the month to tap a 6-month programme and the second auction date of the month to tap both a 3-month and a 6-month programme. To better meet investor demand at quarter end, the DSTA has decided to let the September programme mature not on the last business day of the month, but on the second to last business day. This means that the September 2018 DTC programme will mature on 27 instead of 28 September.

DTC issuance calendar second quarter 2018

Auction date

Settlement date

3-month programme

6-month programme

3 April*

5 April

27 September 2018

16 April

18 April

29 June 2018

27 September 2018

7 May

9 May

31 October 2018

22 May*

24 May

31 July 2018

31 October 2018

4 June

6 June

30 November 2018

18 June

20 June

31 August 2018

30 November 2018

*Tuesday instead of regular Monday due to (TARGET) holidays.

Note: Announcement of all auction details is on the Wednesday prior to the auction date (t-5, or t-6 in the case of issuance on a Tuesday).